PowerBank Closes U.S.$4.2 Million Strategic Investment from New Institutional Investors to Advance U.S. Federal Projects

PowerBank (NASDAQ: PBK) closed its previously announced registered direct offering of 7,000,000 common shares to two new long-term institutional investors, raising U.S.$4.2 million in gross proceeds.

Rhea-AI Summary

PowerBank (NASDAQ: PBK) closed its previously announced registered direct offering of 7,000,000 common shares to two new long-term institutional investors, raising U.S.$4.2 million in gross proceeds.

According to PowerBank, net proceeds will support its IPP project portfolio, working capital and general corporate purposes.

Positive

• Registered direct offering raised U.S.$4.2 million gross proceeds
• Capital earmarked for IPP project portfolio, working capital and corporate purposes
• Two new long-term institutional investors added to shareholder base
• Use of effective Form F-10 shelf streamlines future capital access

Negative

• Issuance of 7,000,000 new common shares dilutes existing shareholders
• Gross proceeds subject to placement agent fees and offering expenses

Argus Jul 1 session

+3.72% close to close Open Argus

Details

News Market Reaction – PBK

On Jul 1, the day this news came out, PBK closed 3.72% above the previous close.

Data tracked by StockTitan Argus for the Jul 1 session.

Key Figures

Gross proceeds: US$4.2 million Shares issued: 7,000,000 common shares Purchase price: $3.55 per share +5 more

Gross proceeds

US$4.2 million

Registered direct equity offering closed July 1, 2026

Shares issued

7,000,000 common shares

Registered direct offering to two institutional investors

Purchase price

$3.55 per share

Securities Purchase Agreement in recent equity financing

Shelf capacity

C$200,000,000

Maximum under Canadian base shelf and U.S. Form F-10

Federal contract value

$2,950,000

U.S. Department of Defense parking canopy solar project

O&M portfolio size

21 megawatts

Three New York community solar projects with Honeywell

Built capacity

over 100 megawatts

Total clean energy projects developed and constructed

Development pipeline

over one gigawatt

Potential clean energy project pipeline across North America

Historical Context

5 past events · Latest: Jun 30

5 events

1. Jun 30

   O&M agreement

   24h Move

   -7.3%

   Signed 21 MW O&M agreement with Honeywell for NY community solar projects.

2. Jun 30

   Equity financing

   24h Move

   -7.3%

   Announced $4.2M registered direct offering to new institutional investors.

3. Jun 29

   AI JDA

   24h Move

   +3.4%

   Joint Development Agreement with Nodiac.ai for modular data centers at power sites.

4. Jun 26

   Federal contract win

   24h Move

   -1.4%

   Awarded $2.95M U.S. federal solar and EV charging project contract in New York.

5. Jun 25

   Project COD

   24h Move

   -1.9%

   SB 13-2 Honeywell community solar project reached commercial operation in New York.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

registered direct offering, shelf registration statement, form f-10, prospectus supplement

4 terms

registered direct offering financial

"closed its previously announced registered direct offering of 7,000,000 common shares"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

shelf registration statement regulatory

"offered pursuant to an effective shelf registration statement on Form F-10"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form f-10 regulatory

"effective shelf registration statement on Form F-10 (File No. 333-287070)"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

prospectus supplement regulatory

"The Company has filed a prospectus supplement and the accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, July 1, 2026 /PRNewswire/ - PowerBank Corporation (NASDAQ: PBK) (Cboe CA: PBK) (FSE: 103) ("PowerBank" or the "Company"), a leader in independent energy development and asset ownership in North America, today announced that it has closed its previously announced registered direct offering of 7,000,000 common shares of the Company with two new long term institutional investors (the "Offering"). U.S.$4.2 million was funded upon the closing of the Offering, before deducting placement agent fees and other estimated Offering expenses.

The Company intends to use the net proceeds from the Offering for delivery of its independent power producer ("IPP") project portfolio, working capital and general corporate purposes.

A.G.P./Alliance Global Partners acted as sole placement agent for the Offering.

The securities described above were offered pursuant to an effective shelf registration statement on Form F-10 (File No. 333-287070) which became effective on May 9, 2025. The Offering was made only by means of a prospectus which is part of the effective registration statement. The Company has filed a prospectus supplement and the accompanying prospectus relating to the Offering with the Securities and Exchange Commission (the "SEC"), which is available on the SEC's website located at http://www.sec.gov, and with the applicable securities regulatory authorities in Canada. Electronic copies of the prospectus supplement and the accompanying prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy  the securities described above, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About PowerBank Corporation

PowerBank Corporation (NASDAQ: PBK | Cboe CA: PBK) is a vertically integrated and independent North American energy company helping to power the digital economy. The Company develops, builds, owns, and operates solar and battery energy storage systems that deliver reliable and resilient power to the electricity grid, commercial and industrial clients, and municipal and residential off-takers. As AI and digital infrastructure drive unprecedented electricity demand, PowerBank is uniquely positioned to deliver the speed, scale, and energy independence that the next generation of power consumers requires, without waiting years for permitting and grid interconnection. The Company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the anticipated use of proceeds of the Offering and future growth prospects of the Company. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

View original content to download multimedia:https://www.prnewswire.com/news-releases/powerbank-closes-us4-2-million-strategic-investment-from-new-institutional-investors-to-advance-us-federal-projects-302816237.html

SOURCE PowerBank Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PowerBank (NASDAQ: PBK) announce on July 1, 2026 about its share offering?

PowerBank announced the closing of a registered direct offering of 7,000,000 common shares, raising U.S.$4.2 million in gross proceeds. According to PowerBank, the shares were sold to two new long-term institutional investors under an effective Form F-10 shelf registration.

How much capital did PowerBank (PBK) raise in its July 2026 registered direct offering?

PowerBank raised U.S.$4.2 million in gross proceeds from its July 2026 registered direct offering. According to PowerBank, this amount is before deducting placement agent fees and other estimated offering expenses associated with selling 7,000,000 newly issued common shares.

How will PowerBank use the proceeds from the U.S.$4.2 million PBK share issuance?

PowerBank plans to use net proceeds to fund delivery of its independent power producer project portfolio, working capital and general corporate purposes. According to PowerBank, the U.S.$4.2 million gross raised will be reduced by placement agent fees and other offering costs.

Who acted as placement agent for the PowerBank (NASDAQ: PBK) registered direct offering?

A.G.P./Alliance Global Partners served as sole placement agent for PowerBank’s registered direct offering. According to PowerBank, the U.S.$4.2 million gross proceeds from 7,000,000 shares are before deducting the placement agent’s fees and other estimated offering expenses.

Where can investors find the PowerBank (PBK) prospectus for the July 2026 share offering?

Investors can access the prospectus supplement and accompanying prospectus on the SEC website and Canadian regulators’ sites. According to PowerBank, electronic copies are also available from A.G.P./Alliance Global Partners via mail, telephone, or the prospectus email address provided.

What type of offering did PowerBank (PBK) use for its 7,000,000-share capital raise?

PowerBank used a registered direct offering under an effective Form F-10 shelf registration statement. According to PowerBank, the securities were offered only by means of a prospectus supplement and accompanying prospectus filed with the SEC and Canadian securities authorities.